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How to build the home of your dreams while still saving for your retirement?

In the not too distant past, the world was in the middle of a Great Recession. Many people saw their lifetime savings wiped out as a result of trusting their money to greedy and risky individuals. By seeking to get a greater return on their savings by employing the services of a so called investment expert, many people can no longer afford to retire.

Therefore, you need to ensure that your savings are being put to work in a way that is sensible and maximizes the amount of return you generate. This is where a self-managed superannuation fund come into play. By managing your retirement savings and investments yourself, you will know exactly where your money is going and what sort of risks are being taken.

Provided you take the time to train yourself up in the relevant skills that are needed to be a successful investor and you have the discipline to follow a well laid out plan, this type of self-managed fund may be the right option for you.

Here is some information on SMSFs and how you should use them to your advantage.

What exactly is an SMSF?

In basic terms, a SMSF is a tool which you control for your retirement savings. As opposed to all other investment tools, this allows you the most flexibility when it comes to managing your retirement savings.

You have the power to invest in any industry, company or asset type in the world, in any currency. There are also the usual taxation benefits for putting money into the fund, similar to those for when you are using a normal retirement fund. When you begin to withdraw from the fund, you will have to pay no taxation on it.

How exactly does a SMSF work?

You can have up to four trustees are part of your SMSF. All of these trustees have the power to control the fund and make any investment decisions that they wish. This is why it is vital to only place people you absolutely trust as trustees and are certain that they will follow the plan that you have laid out to them.

You and the trustees will have full control over your financial future. Responsibilities that come with being a trustee include meeting all of the relevant compliance and regulations that are associated with self managed superannuation funds.

How cost effective are SMSFs?

Just like any form of investing, this will depend on what exactly you invest in and how often. If you are only dealing with straightforward assets such as cash and shares, it will be relatively straightforward. When you begin to deal with more complex financial instruments and investments such as property and leverage, the costs will increase and become a bit more complex. This is why you should talk to an independent financial adviser who will be able to discuss what the various costs that are associated in your desired investment areas are.